Heard a new one today at AD

[southtexas]

I’m traveling for business and stopped by the local AD. They had a TT GMT and a SS sub (no date).

They said for those models they won’t take cash or credit/debit card—only cashier’s check delivered in person. I know it’s their store-their rules, but has anyone heard this before?


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[DTap]

Wtf?

Sketchy...

[ronricks]

AD by me prefers a bank wire and will give you a discount on some models (usually the tax) for payment that way. They don’t want cash at all either bank wire or credit card is their preferred payment.

[Acidstain]

I understand why no c-card (avoid 3-4% fees) but the cash is odd. Maybe to avoid suspicious characters?


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[Tavli3]

All Cash deposits especially over 10k get scrutinized by banks and can attract the attention of IRS these days. So it’s a Hasselbeck for retailers.


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[Tangier11]

Makes perfect sense. Save the CC charges and the many risks of cash..

[fskywalker]

Strange

[upsidedownbelt]

They don’t pay charges on a debit card though?

[ArtNouveau]

I can’t imagine a reputable store these days not accepting cards. Fees yes, but it’s an accepted cost of doing business.
And Cashiers Check only, that’s very weird.

[J.P.Jones]

Originally Posted by Tavli3

All Cash deposits especially over 10k get scrutinized by banks and can attract the attention of IRS these days. So it’s a Hasselbeck for retailers.


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Cash deposit over 10k from a jewelry store will be on the radar of the IRS? Surely you jest.

[RyanO]

Originally Posted by southtexas

I’m traveling for business and stopped by the local AD. They had a TT GMT and a SS sub (no date).

They said for those models they won’t take cash or credit/debit card—only cashier’s check delivered in person. I know it’s their store-their rules, but has anyone heard this before?


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That’s odd. Can you share which AD it is?


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[kieselguhr]

The last time I saw >$10,000 cash was when my dad bought a used car in the 90s. I don’t fault the AD for not accepting cash due to liability. I also don’t fault them for not accepting CC if they are a smaller business and not a chain because they get slaughtered on fees.

[Nikrnic]

What bunch of BS that is. They could add a 2.75% fee on a credit card. Federal cash form is nbd. Debit card is like cash to them. Oh well it their rules..

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[Tavli3]

Originally Posted by J.P.Jones

Cash deposit over 10k from a jewelry store will be on the radar of the IRS? Surely you jest.

No I don’t. I have a friend in liquor biz in NJ and he tells me cash is a pain in the ass these days. Government cracking dn on tax evaders money laundering and drug dealers which of course causes headaches for legitimate businesses


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[FHFinster]

Originally Posted by Tavli3

All Cash deposits especially over 10k get scrutinized by banks and can attract the attention of IRS these days. So it’s a Hasselbeck for retailers.


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I’m sorry that’s ridiculous. Many businesses especially jewelers, make cash deposits of $10k and while such deposits are reported, they are normal course and would not necessarily be “scrutinized” or attract attention.

Let’s not be so quick to quote what we learned on mid day TV and site here as fact.

Sorry, I don’t mean to be a jerk, but that’s nonsense.


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[daOnlyBG]

Originally Posted by FHFinster

Let’s not be so quick to quote what we learned on mid day TV and site here as fact.

Sorry, I don’t mean to be a jerk, but that’s nonsense.

Let's not be so quick as to presume that the user heard that on "mid day TV."

Both of the ADs I've worked with stressed that they don't like accepting cash, and that anything over $10K has to be reported to the IRS, including where that money came from. One admitted to losing out on several sales because of this requirement. The jeweler who sold me an engagement ring to give my (now) wife also preferred wire. I'm not sure I understand why, but that's their preference nonetheless.

My wild guess is that handling that much cash not only comes with added paperwork and scrutiny, but also requires additional insurance/security that isn't otherwise covered by whatever the retailers have. That's speculative, though.

[Chewbacca]

Originally Posted by southtexas

I’m traveling for business and stopped by the local AD. They had a TT GMT and a SS sub (no date).

They said for those models they won’t take cash or credit/debit card—only cashier’s check delivered in person. I know it’s their store-their rules, but has anyone heard this before?


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I love how this jeweller can go from 'welcome' to 'here's our payment rules' in the same breath.

[steve099]

We refuse cash payments at work as well, last thing we want is someone paying a 5 or 6 figure account in cash. Makes us a robbery target and raises potential audit headaches.

[schoolboy]

Originally Posted by southtexas

I’m traveling for business and stopped by the local AD. They had a TT GMT and a SS sub (no date).

They said for those models they won’t take cash or credit/debit card—only cashier’s check delivered in person. I know it’s their store-their rules, but has anyone heard this before?


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When I bought my SS Datejust, I asked if I could pay with a credit card and they said they only take cashiers checks

So I ran to the bank to get one

Totally unexpected

But I never thought much of it

[Finslayer83]

Originally Posted by J.P.Jones

Cash deposit over 10k from a jewelry store will be on the radar of the IRS? Surely you jest.

Wouldn't shock me that they still send in paperwork as a formality. I'd assume the IRS understands the business model and doesn't really look at them.

I've been told by a car dealer that an actual cash offering for payment is usually rejected. They request a cashiers check, too much exposure to counterfeit bills, security issues, and hassle of handling "paperwork".

[Tavli3]

Originally Posted by FHFinster

I’m sorry that’s ridiculous. Many businesses especially jewelers, make cash deposits of $10k and while such deposits are reported, they are normal course and would not necessarily be “scrutinized” or attract attention.

Let’s not be so quick to quote what we learned on mid day TV and site here as fact.

Sorry, I don’t mean to be a jerk, but that’s nonsense.


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Well it’s fact in NJ if you make any deposit that has even one dollar in cash you have to provide ID that gets recorded. If the amount is 10k or just under it gets reported. You may consider that as nonsense but to me and apparently many jewelry stores it seems like more trouble these days than it’s worth. It’s certainly not the same as it used to be in the old days.


Not too mention risk of getting robbed when handling large amounts of cash.


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[SlideRacker]

Originally Posted by Tavli3

All Cash deposits especially over 10k get scrutinized by banks and can attract the attention of IRS these days. So it’s a Hasselbeck for retailers.


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As long as a CTR or cash payment report is filed with FinCen it shouldn’t be a problem. Last year alone 15.8 million CTRs were filed.

[pickettt]

What doesn't make sense is why the retailers are worried about IRS attention. The retailer is required to have the purchaser fill out the IRS Form 8300 for cash purchases over $10,000. So long as that is satisfied, any scrutiny would be passed on to the buyer if there was any suspected malfeasance.

[RootBeerGMT]

I got a discount for paying cash for my SubC 116610LN at my AD. Paid $8499.99 for it and got a penny back!! Still have the penny in my box with my warranty card and receipt. ��
Guess I got lucky.

[hambone1983]

Originally Posted by J.P.Jones

Cash deposit over 10k from a jewelry store will be on the radar of the IRS? Surely you jest.

all cash transactions over $10K must be reported to the IRS
all cash deposits to a bank over $10K must be reported to the IRS

it is form 8300. Look it up & you'll see why they don't want to accept cash.

[hambone1983]

Originally Posted by FHFinster

I’m sorry that’s ridiculous. Many businesses especially jewelers, make cash deposits of $10k and while such deposits are reported, they are normal course and would not necessarily be “scrutinized” or attract attention.

Let’s not be so quick to quote what we learned on mid day TV and site here as fact.

Sorry, I don’t mean to be a jerk, but that’s nonsense.


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It's not just the end-of-day deposit. Every transaction must be reported separately.

[djgallo]

Originally Posted by steve099

We refuse cash payments at work as well, last thing we want is someone paying a 5 or 6 figure account in cash. Makes us a robbery target and raises potential audit headaches.

These are just lame excuses!

One of these days (hopefully) the citizens of this country will get some balls and stand up and demand that our government do what WE THE PEOPLE want and need.

This is a real f**king circus. Everyone should take a look at at US dollar bill , or any other denominated bill for that matter...it’s spelled out on the currency THIS NOTE IS LEGAL TENDER FOR ALL DEBTS PUBLIC AND PRIVATE. WTF does this mean?

So business doesn’t want to take the currency...I’m hearing this way too much. The government wants to monitor everyones spending so they want to hassle people that deal in currency....blah, blah ,blah

Hopefully the day is coming ...people will say enough and then this sh*t will change!

[Tavli3]

If I was a retailer I would be suspect of anyone I didn’t know walking into my store with 15 to 30k in cash to buy a watch or watches.

In the old days you paid cash to avoid sales tax. High end Rolex dealers are not going to get involved with that these days. Maybe some back alley gray dealer but not a main st AD.


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[pickettt]

Originally Posted by djgallo

These are just lame excuses!

One of these days (hopefully) the citizens of this country will get some balls and stand up and demand that our government do what WE THE PEOPLE want and need.

This is a real f**king circus. Everyone should take a look at at US dollar bill , or any other denominated bill for that matter...it’s spelled out on the currency THIS NOTE IS LEGAL TENDER FOR ALL DEBTS PUBLIC AND PRIVATE. WTF does this mean?

So business doesn’t want to take the currency...I’m hearing this way too much. The government wants to monitor everyones spending so they want to hassle people that deal in currency....blah, blah ,blah

Hopefully the day is coming ...people will say enough and then this sh*t will change!

The Curse of Cash. It's a good read.....even if the premise is BS.

[hambone1983]

Originally Posted by pickettt

What doesn't make sense is why the retailers are worried about IRS attention. The retailer is required to have the purchaser fill out the IRS Form 8300 for cash purchases over $10,000. So long as that is satisfied, any scrutiny would be passed on to the buyer if there was any suspected malfeasance.

its not scrutiny that turns them off. It's wasting time creating a paper trail and not wanting the risks inherent with cash.